The New York Hotel Trades Council and Hotel Association of New York City, Inc. Pension Fund
The union has negotiated with employers covered by the Industry-Wide Agreement, Resorts World New York City, the Cornell Club, and the Penn Club to contribute to the New York Hotel Trades Council and Hotel Association of New York City, Inc. Pension Fund (“IWA Pension Fund” for short).
The value of a member’s pension benefit is based on the number of pension credits they have earned over their career, as well as what age they retire, if they are married, and which joint survivor benefit they elect.
Earning pension credits
Pension credits are awarded based on a member’s hours worked in covered employment, up to a maximum of 1 pension credit per calendar year. Generally, members who work at least 1,000 hours earn 1 pension credit and Banquet Waiters who work at least 100 functions earn 1 pension credit. Members can earn partial credits under the plan. If a member works between 500 and 749 hours, they can earn ½ pension credit and if a member works between 750 and 999 hours, they can earn ¾ pension credit. For a complete description, visit HotelFunds.org.
Becoming vested
Members earn a permanent right to a pension benefit once they are “vested” in the pension plan. To become vested, a member must have earned 5 pension credits.
Pension benefit
For the purposes of the following calculations, we use the regular pension, for a single-life, collected at age 65. The value of a member’s pension benefit will vary based on the number of pension credits they have earned over their career, what age they retire, if they are married, and which joint survivor benefit they elect.
For IWA pension participants who are working on or after January 1, 2019, the regular pension benefit is $60 per credit for any credits earned up to the maximum of 40 pension credits. This means the maximum pension benefit for a member who retires at age 65 with 40 credits is $2,400 per month.
The simple calculation is as follows:
[Credits] x [Value of Credit] = [Monthly Pension Benefit]
40 credits x $60 = $2,400 per month
Members can request a personalized estimate from the Pension Fund up to five years before retirement by completing a “pension estimate request” form. Members can visit the Benefit Funds’ Central Office located at 305 West 44th Street, New York, NY (2nd floor), email [email protected] or call (212) 586-6400 ext. 4125 to request an application or estimate.
Early retirement
This plan includes an early retirement pension starting at age 62.
Members with 25 or more credits can also elect an “Age & Service” pension at age 55. The Age & Service pension is currently $875.00 per month.
For details, please visit HotelFunds.org.
Plan your retirement
Members should file a pension application with the Pension Fund as soon as they decide on their retirement date, but at least two months before retirement. The pension benefit is not paid automatically! Members must notify the Pension Fund of their intention to retire.
To apply for your pension benefit, visit the Benefit Funds’ Central Office located at 305 West 44th Street, New York, NY (2nd floor). You can also email the Pension Fund at [email protected] or call 212-586-6400 ext. 4125.
Contact the Pension Fund
To find out more about the IWA Pension Fund, visit the Benefit Funds’ Central Office located at 305 West 44th Street, New York, NY ( 2nd floor) or contact them by phone at (212) 586-6400, extension 4125. You can also find more information on their website, HotelFunds.org.
This page contains a short description of the New York Hotel Trades Council and Hotel Association of New York City, Inc. Pension Fund. For the complete plan details, please refer to the official Summary Plan Description (SPD). The union is not authorized to make representations about the pension benefits. If any explanation contained in this online summary contradicts a shop’s collective bargaining agreement or any provisions of the actual benefit plan documents, those documents are controlling.